On the eve of the NHL’s Winter Classic, the Maple Leafs signed the defenseman to a seven-year contract extension that will begin at the start of the 2014-15 season, the team announced Tuesday. The deal is worth a reported $49 million, according to Darren Dreger of TSN.

“This is a very proud day for me and my family,” Phaneuf said in a statement. “I’m very honored to be the captain of this historic franchise and to maintain the opportunity to play and represent the Toronto Maple Leafs for many years to come. We have passionate fans and a dedicated ownership group. I have great teammates and look forward to growing with them and achieving our goal of winning.”

Phaneuf has been captain of the Maple Leafs for four seasons and was set to become an unrestricted free agent next summer. He’s played 39 games for the Leafs this season, scoring three goals and notching 11 assists. Through 369 NHL games, Phaneuf has amassed 110 goals and 355 points.